8 Ways To Become a Millionaire This Year

Millionaire. It’s a title that plenty of us would love to have. But, is that actually feasible?

Believe it or not, becoming a millionaire is a goal that can be achieved this year. In my life, I have been a millionaire several times. Most of the time before my 30s I gambled it away on cars, homes and living a life I had no reason to be living.

Despite blowing millions, the process to becoming a millionaire has been consistent over the years. If you follow these eight priceless pieces of advice, I can guarantee you that eventually you will become a millionaire. Here's to making this happen this year!

1. Develop a written financial plan.

One of the main reasons why someone can never become a millionaire is because they haven’t written a financial plan. Developing a financial plan forces you to take action, instead of just talk. It also guides you in making the right decisions in order to achieve all of your dreams and goals.

Financial planner Scott D. Hedgcock says that “when planning for a more secure future there are two inputs that are indispensable:” how much money you have and how much money you spend.

“The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,” he says.

“In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances.” When you take the time to create a plan and see it through, “is the one thing all financially successful people have in common.” Hedgcock also says that "the success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth.”

When creating a financial plan, consider the following:

• Focus on what matters most and don’t obsess over the past.
• Focus on what you control by listing your known expenses first in your budget, and then with the income leftover you should list the discretionary categories.
• Focus on your future by anticipating how much your future self will need to survive.

2. Focus on increasing your income.

"In today's economic environment you cannot save your way to millionaire status," writes Grant Cardone, who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30. "The first step is to focus on increasing your income in increments and repeating that.

"My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money, and it will force you to control revenue and see opportunities."

Thankfully, you have several options to boost your revenue, like investing in high ROI businesses and side hustling.

3. Take advantage of Uncle Sam’s generosity.

“The best way I know to become a millionaire is to put the power of compound interest on your side. By giving your money more time to compound and keeping your rate of return as high as possible, you greatly increase your chances of reaching a seven-figure net worth,” writes Brian Feroldi on The Motley Fool.

“Of course, earning a high return on your nest egg is easier said than done, as many factors to create that return are outside of your control. However, all investors do have control over two huge factors that can put a serious drag on long-term returns: investment costs and taxes. If you want to become a millionaire, focus on keeping both as low as possible.”

Feroldi goes on to write that if you have “a 401(k) or 403(b) through work, then any money you contribute to the account can grow tax-deferred, allowing your money to compound more quickly.” He also suggests opening up a traditional or Roth IRA, because they “keep Uncle Sam away from your money, either now or later.”

You should use a broker or brokerage firm “that charges very little per trade -- and not to trade too frequently.”

“If you want to become a millionaire, you need all the help you can get,” he says. “Making sure your investment fees and tax bill are as low as possible will go a long way toward helping you achieve your goal.”

4. Increase your streams of income.

After studying millionaires for five years, author Thomas Corley discovered that 65 percent of self-made millionaires had three streams, 45 percent had four streams, and 29 percent had five or more streams. This could include starting a side-business, working part-time, investments, and renting everything from your home to your car to household items.

5. Automate your savings.

If you want to become a millionaire, then you absolutely need to get into the habit of saving by contributing to your 401(k), Roth or traditional IRA, and an emergency fund that’s been placed in a money market. However, the way to make this is by automating your savings. This will automatically withdraw a percentage of your salary and place it into your contributions without you ever seeing it. It’s suggested that you should put 10 percent towards investments and 5 percent towards savings.

6. Upgrade your skills and knowledge.

"Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously,” writes Tucker Hughes, who became a millionaire at just the age of 22. “You don't just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports-related. Consume knowledge like air and put your pursuit of learning above all else."

7. Live below your means and lay-off the credit.

It’s widely known that the wealthiest people in the world are frugal. They don’t spend excessively on designer and luxury items. They use coupons. And, they’re known for living below their means by purchasing modest homes and vehicles.

They’re also known for keeping their debt under control by using credit sparingly. Take a cue from T. Boone Pickens, who only carries around as much cash as he needs for what he intends to buy.

8. Associate with millionaires.

“In most cases, your net worth mirrors the level of your closest friends,” writes Steve Siebold for Business Insider. This isn’t exactly a new philosophy. It’s been around ever since Andrew Carnegie embraced the Master Mind principle.

“Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income,” says Siebold. “We become like the people we associate with, and that's why winners are attracted to winners.”

“The reality is,” he says, “millionaires think differently from the middle class about money, and there's much to be gained by being in their presence.”

How I Bought My Own House Debt Free at age 25

Brown is only 26, but she already owns a house and has socked away a nice amount of money for retirement in both a 401(k) and Individual Retirement Account (IRA). Oh, and she has a renter who pays $900 a month, enough to cover her entire mortgage.

As her friends and family like to say, she's "got it figured out."

Brown doesn't work on Wall Street or Silicon Valley. She's an accountant in Cleveland, Ohio, who bought her home at age 25 when she earned about $50,000 a year.

'I didn't want to live paycheck to paycheck'

Friends tried to convince her to live closer to "the action" in downtown Cleveland. But she did her research and realized that between the high rent and paying for parking, it wasn't worth it. So she instead chose to buy a "fixer upper" home for $107,000 in a suburb. A tenant was already living in part of the duplex home. Brown was happy to extend the lease and have her stay.

Only about 20% of Americans own their home by age 25, according to the Census.

She credits her financial savvy to three things: Parents who stressed frugality, reading the book "Rich Dad Poor Dad" and going to college during the Great Recession.

"Living through 2008 and seeing people lose their jobs taught me you have to prepare for anything," Brown told CNNMoney. "I wanted a game plan, not living paycheck to paycheck."

Brown's advice: Save, save, save

Her money plan is simple: work hard, save a lot, and buy property you can afford.

It's hardly a novel idea. Way back in 1758, American founding father Benjamin Franklin wrote an essay called "The Way to Wealth." His conclusion: "If you would be wealthy, think of saving as well as getting."

She has budgets for everything and works hard not to go over. Much like eating healthy, Brown views money as a choice you make every day. She drives an older car, a 2009 Ford Escape SUV with "a big old dent." Friends joke that she doesn't come out for drinks after she's spent her fun budget.

And student loans? Brown has those too. She borrowed about $35,000 to attend Baldwin Wallace University in Ohio. She worked jobs in college, managing to pay down about $6,000 of her loans while still in school. Since graduating in 2012, she's continued to pay more than the amount due every month. Her balance now is just $10,000.

Open an IRA at a young age

But Brown says her biggest "a-ha" money moment came from starting an IRA. When she was in high school, she worked at an ice cream shop called Dairy Dock in Vermilion, Ohio. At age 18, she had about $100 saved from her pay.

Her father suggested putting it in a saving account or certificate of deposit ("CD"), but the interest was so low -- nearly 0% -- that the bank recommended Brown open an IRA and consider investing the money in a stock market fund.

"I thought it was the craziest thing I had ever heard," Brown admits about starting a retirement account at age 18. "But those little amounts have grown immensely."

Sacrifices today can pay off big time

In 2008, as Wall Street was in meltdown mode, Brown started university and majored in finance and accounting. Her professors stressed saving and investing early, so she kept putting money into her IRA from her summer jobs and internships. After graduating college in 2012, she landed a full-time job as an accountant and began to put $250 a month away in her IRA religiously.

At her current job, she also opened a 401(k) retirement plan and contributes 6% of her salary, which her company matches.

Brown's smarts and financial maturity even impresses the pros. When Yvette Butler, president of Capital One Investing, hears of Brown, her reaction is: "She's my idol ... I wish more of us started saving for retirement at 18."

How much Money do I need to start investing?

This is one of the most commonly asked questions from readers. Many people want to become the next Warren Buffett, but they don't know where to begin investing or even how much money they need to make the first purchase.

Short answer: $5.

Better answer: $500, and only AFTER you have built up your emergency savings.

"We really encourage people to have six months of savings first," says Yvette Butler, president of Capital One Investing. Once you have a few thousand in savings, then you can start investing.

The goal of investing is to make your money grow faster than it would in a typical bank account (especially since savings accounts barely spit out a little more than 0%interest now). But investing is risky. You can lose money, especially in the "short run."

How to invest: Once you have the cash, an explosion of trading apps has made it easy to get going.

"We wanted to make our service accessible" to anyone, says Vlad Tenev, co-founder of the app Robinhood that allows you to buy and sell stocks for free. You just have to have enough money to buy the stock you want (e.g. $56 for Starbucks (SBUX)).

Robinhood launched in March 2015. It already has about a million users. Tenev says many begin by investing just a few hundred dollars as a way to dip their toes in and learn. Over time, they add more to their portfolio.

How to get going with just $5: If you really want to start small you can use an app like Stash or Acorns. Both allow you to begin investing with just $5. Stash offers you a choice of several funds to invest in. You basically end up owning part of a stock -- similar to sharing your apartment with roommates. Acorns allows you to deposit "spare change" from say, your coffee purchase. When you get to $5, the app invests that money for you into a diversified portfolio (basically, a mix of stocks and bonds).

How to get great advice: Feeling too intimidated to pick your first stock or fund? There are a lot of great -- and cheap -- services that will do it for you. Betterment and Wealthfront are good examples. They use computer models to figure out the best portfolio mix for you based on your age, income, goals and tax situation and they will invest your money for you.

"The way people invest is changing dramatically," says Jon Stein, founder and CEO of Betterment. "We optimize your gains, net of fees."

Betterment doesn't have a minimum balance requirement, so you can start with just a few dollars. Wealthfront requires $500 to get going.

More established players like Fidelity, Charles Schwab and Vanguard are lowering their prices and offering more options to cater to "new investors," especially Millennials. You can call them up or stop by an office in your town to discuss what to do.

Just remember: Always check the fees. If you only want to buy $500 in Apple stock, you don't want to get charged a $7.99 fee when you can buy the stock on an app for free.

What to buy: Figuring out what to buy is tough. There are roughly 2,400 stocks traded on the New York Stock Exchange alone.

The easiest option is to buy what's known as an ETF (an exchange-traded fund) like SPY (SPY). It trades like a stock, but it means you own a basket of stocks. In the case of SPY, the basket is made up of 500 of America's largest companies. Sure, a few might struggle, but all 500 probably aren't going to tank at the same time, so it helps lower the risk.

Another common option is to buy the ETF of a sector of the economy such as QQQ (QQQ) for tech stocks or EEM (EEM) for emerging markets.

Buying individual stocks is riskier. If the stock falls, you can lose a lot of money. Of course, you also gain a lot of money if it goes up. The most popular stock by far is Apple. Other widely held ones are Facebook (FB, Tech30), GE (GE) and Disney (DIS).

Keep in mind: About half of Americans have money in the stock market, but only 14% own individual stocks.

How young millionaires Are investing their money

They don't just want to grow their money: Many Millennials want to achieve social and environmental goals through their investments. It's called "impact investing" and it's not just a buzz word.

"Impact investing is hitting the mainstream," says Jackie VanderBrug, investment strategist at U.S. Trust, a division of Bank of America (BAC). "We're hitting a tipping point."

VanderBrug knows. She and her team at U.S. Trust recently surveyed 684 individuals with investable assets worth $3 million or more. Among the millionaires, dozens were Millennials between the ages of 18 and 35.

The overwhelming majority of Millennials surveyed -- 93% -- believe that a company's social and environmental impact is key to their investing decisions. That's up from 74% two years ago, according to the U.S. Trust study.

In some ways, it's not new. Students have long protested at universities to end investments in coal or against governments like South Africa during the apartheid era. Last year, Columbia University and the University of Southern California both dumped their investments in prison stocks after student protests.

But instead of divesting, new investors want to see companies make an impact in a positive way.

Their older peers also agree. This year, 51% of Baby Boomer investors believe impact investing is key to where they park their cash, up from 46%. All age groups have increased their preference for impact investing over the past two years.

Former Vice President Al Gore is one impact investor. His investing firm, Generation, manages $12 billion.

"Sustainability values should be completely integrated in the investing process," Gore said in November at the Dealbook Conference.

Despite the buzz, experts admit there are challenges. Here are the top ones:

1. Defining "impact investing" is a challenge. It includes a wide swath of subjects, from gender equality and renewable energy to affordable housing and environmental policies. So they don't all appeal to the same people.

2. How it benefits investors is sometimes hard to measure. Fixing abstract problems like gender inequality through private investment don't have easy yardsticks for success.

3. Impact investing is often confused or conflated with philanthropy -- many investors don't want to blend the two, either for moral reasons or tax purposes (you can write off philanthropic donations when you file your taxes).

Still, companies are becoming more transparent, experts say. Last year, over 7,000 companies issued corporate responsibility reports, which are audited by a third party. That's up from only 27 such reports in 1992, says VanderBrug.

And some people are trying to tackle the challenges facing impact investors. Christina Alfonso is the CEO of Madeira Global, a firm based in New York that specializes in data analytics that pertain to ESG -- environmental, social and governance.

Her firm focuses on scoring private equity companies on a framework that has a scale of 0 to 100. Madeira ranks firms on a range of factors, such environmental policies, governance and social impact.

"It allows us to benchmark companies across industries, geographies and growth stages," says Alfonso.

One often-cited socially responsible company is Starbucks (SBUX). It seeks to buy coffee grown in an ethical manner. It also helps employees pay for college, among other initiatives.

"We've seen that non-financial factors can play a significant role in a company's financial performance as consumers and investors increasingly support businesses that consider social impact as well as profitability," says Alfonso.

How To Save Beyond $250 Monthly Using These 25 Methods That Most Business Owners Are Ignoring

I get it -- money is tight. So, how does saving $250 a month sound? There are tons of ways business owners can save hundreds of dollars (or more) each month. Sadly, most people, including business owners, don't make the effort to implement huge-but-easily accomplished savings. 

This post will list 25 easy ways you can start saving $250 per month right now. While not all of these tips will save you hundreds of dollars in one shot, combining two or three of them definitely will. 

1. Ditch the landline.

If you have a single-line system for your business, your costs likely start around $50/month. If you have multiple lines, you're probably paying at least double that.

Scrap the landline and let your cell phones do double duty. Bonus: You can write off your business-associated phone costs, saving you even more money.

2. Share advertising costs with another business owner.

Cut your advertising costs in half by teaming up with the owner of a complementary business. This works especially well for co-sponsoring local or online events.

Another cost-saving option is to ask other business owners if they want to advertise via your website or social media. This can actually be a great bonus revenue stream!

3. Create your own forms rather than paying for them.

The vast majority of business forms you need (invoice, order forms, non-disclosure agreements, partnership contracts, etc. ) can be found online for free. Heck, it's what my company does and we don't charge anything.

4. Buy second-hand equipment and furniture.

Why pay $500 for a new desk when you could get a gently-used one on Craigslist for $100? Same goes for printers, computers and other electronics.

Another great option is buying refurbished electronics from reputable electronics dealers.

5. Negotiate a cheaper credit card rate.

Paying credit card fees is one of the worst ways to spend your money. Look around to see what competing card companies are charging, and then try to negotiate a lower rate with your current card company.

6. Raise your insurance deductible.

Take a look at how many times you've made a claim over the past few years. If you seldom make claims, consider raising your deductible to save on monthly premiums. Even moving from a $250 deductible to $500 can make a decent dent in your monthly insurance costs.

7. Outsource rather than hiring.

While the hourly cost of outsourcing may end up being equivalent (or even slightly higher) to hiring someone, you'll save big in terms of pensions and benefits. Why not save that extra money, or use it to pay a highly-qualified consultant who could likely do a better job in less time? I've also found a full time programmer by first outsourcing.

8. Check the accuracy of your mailing list.

If you do large-scale mailings, you could be wasting a ton of money if your address list is outdated or inaccurate. The US Postal Services offers a number of free and low-cost services to check your list before you mail.

9. Get your family to help out.

Instead of hiring outside help for administrative tasks like filing and bookkeeping, hire an immediate family member. You still get to claim the business expense. You keep the money in the family, and your lower income-earning. Family members won't have to pay much tax on their earnings, either.

10. Always pay early to get the discount.

Take advantage of early payment discounts whenever possible. This can be particularly lucrative if a supplier is offering 2/10 net 30 (meaning 2 percent discount if paid within 10 days). This works out to an almost 37% return when annualized.

11. Barter.

You'd be surprised at how many businesses are willing to barter goods and services. I find this is particularly true when it comes to advertising. If money is tight, offer your products or services in exchange for a free ad, mention or online sponsorship.

12. Go as paperless as possible.

Skip the paper and ink and use email whenever possible. There are tons of free apps that can help you make the transition: CamScanner, Evernote and Due.com are just a few.

13. Share office space (or go without).

Many companies are saving hundreds or thousands a month by going virtual, sharing office space or renting temporary meeting rooms. Use a site like ShareDesk to find local office space you can book on an as-needed basis. I personally use coworking space Bootup. It helps me to cut costs.

14. Try your hand at free PR.

Hiring a PR consultant can cost big bucks. Instead, use a service like Help a Reporter to get free PR. This service lets you respond to daily, emailed queries. These queries can land you in big-name publications like Time, The Wall Street Journal or The New York Times.

15. Hire an intern.

Instead of hiring or outsourcing, consider an intern from a local college or university. While this can be a very labor-intensive process (finding, training, reporting, etc.), it can save you money in the long-run.

16. Outsource the tough tasks.

It seems counterintuitive, but by outsourcing tasks it actually frees you up to spend more time on revenue-generating activities. Some of these tasks might be blogging, social media management or office administration.

17. Stop using your credit cards.

Take it from someone who owns a company to accept credit card payments: don't underestimate how fast it can saddle your business with debt. According to ValuePenguin, the average rate for a business credit card in 2017 is over 15 percent. If you're tempted to carry a balance on your card, try switching to cash-only purchases.

Each month get pre-purchase gift cards for your necessities. This way you always know where you're financial standing is and can avoid racking up charges on credit.

18. Bring a bagged lunch.

Spending a few bucks a day eating out may not seem like a lot, but it adds up. According to Time, bringing your own lunch can save you up to $2,500 per year.

19. Move from traditional to online advertising.

Are you still using old-school advertising strategies like magazine or newspaper ads? Switch to digital advertising strategies. With social media, email and content marketing, you could save a ton of money each month. Plus, digital marketing tends to be much more effective.

20. Ask for a reduction in your phone or internet bills.

Your phone and internet bills are not set in stone. Investigate what others are charging, then call your provider and ask for a discount. Most phone companies will look for savings in your current plan, if you simply call and ask if there's a way to reduce your bill.

21. Use free tools whenever available.

In many cases, free tools can be just as effective as paid ones. Don't pay for a tool unless you KNOW you need it and you can't live without it!

22. Go open source for your ecommerce store.

Thinking of opening an e-commerce store? There are tons of great, free open source e-commerce platforms you can choose from.

This means no additional monthly fees for the privilege of selling your stuff! Look into BigCommerce, Zen Cart, WooCommerce or WP eCommerce.

23. Deduct your business-use-of home expenses.

If you run your business from home, claiming at-home business expenses can actually save you a ton of money over the year. Don't forget to claim the business portion of your mortgage or rent, phone/internet and even utilities.

24. Go without the extras.

We all have little "extras" we spend money on every day (I'm thinking specialty coffees, in-app purchases, bottled water, etc.). Cutting out $5-$10 of daily unnecessary luxuries and impulse buys can save you $150-$300/month.

25. Become a marketing DIY'er.

Hiring a marketer can cost you a lot more than $250/month. If you have the time and interest, consider teaching yourself how to do your own marketing.

Neuroscience Explains How to Hack Our Brains For Great Success

What’s the secret to success? Some would argue that insanely successful people possess traits like having a vision, showing gratitude, being honest, learning from failure and having a high emotional intelligence.

While these traits definitely play a role, the real secret to success comes down to science, particularly advancements in neuroscience, and how you can condition your brain to achieve your dreams and goals.

The neuroscience of success can get complicated, but it’s really about how your brain functions in three different areas: reticular activating system (RAS), the release of dopamine and your memory. If you’re not a science person, I’ll try and make this all as painless as possible.

The Reticular Activating System

Located at the base of the brain where it connects with the spinal cord, there’s one of most important parts of the brain: the reticular activating system.

RAS influences cognition and is basically a filter for the roughly eight million bits of information (subconsciously) flowing through our brain. In other words, it eliminates the white noise. When a message gets past the RAS filter it enters the cerebrum and is then converted into conscious thoughts, emotions or even both.

As Ruben Gonzalez, author of The Courage to Succeed, explains, “Even though the cerebrum is the center of thought, it will not respond to a message unless the RAS allows it. The RAS is like Google. There are millions of websites out there, but you filter out the ones you are not interested in simply by typing a keyword.”

So, what messages get through? Pretty much just the ones that are currently important to you. For example, if you’re focused on preparing for a speaking engagement then your RAS is going to filter in the thoughts that are going to make your presentation a success, such as the tools and resources you’ll need to deliver a memorable speech.

As Gonzalez adds, “This means the more you keep your goals ‘top of mind,’ the more your subconscious mind will work to reach them. That’s why writing your goals down every day, visualizing your intended outcome and regularly saying affirmations is so important! Doing those things truly does help you to focus your subconscious mind on what’s important to you.”

Dopamine feedback loops

While RAS can help you focus on the desired outcome you’d like to receive, the release of dopamine is what makes success feel oh-so-good.

As Mark Lukens, founding partner of Method3, wrote recently, “When we succeed at something, our brains release chemical rewards, the most important of which is the neurotransmitter dopamine, a chemical best known for the role it plays in addiction and drug use.” Dopamine, despite this negative association, “is a natural part of how our brains function, producing the sensation of pleasure whenever you taste coffee or chocolate, or when you achieve a big win.”

Because of this, it makes sense that “dopamine is strongly connected to motivation, driving us to repeat the behaviors that create that rush, even when we aren’t experiencing it.” However, the dopamine response is short-term, but since our brains remember how awesome it was before, we strive to seek it out over and over again.

That’s when dopamine loops enter the picture. After you’ve experienced repeated success the pleasure you initially had gets smaller and smaller. Think of it this way: After you’ve already beaten a video game, it just doesn’t feel as good the second or third time, right? That’s when you seek bigger rewards, like unlocking trophies, new characters or swag when completing a level.

“Under the right circumstances, this can drive us to seek out ever-greater thrills,” adds Lukens. It’s why video game players are constantly engaged, it’s the reason why you check your phone every minute after updating your Facebook status, and it’s what motivates us in accomplishing bigger and better things.

For instance, if your goal was to acquire three new clients within two weeks, then your next goal would be to acquire six new clients in one week. Everything else is the same, except the more challenging, and rewarding, task of doubling your stable of clients. As an added perk, this also helps you weed out the work and goals that aren’t motivating you or your team.

Memories

Neuroscientists who have studied the way that the brain retrieves memories can also determine success.

Think about that for a second. That time you went mountain biking and had a nasty spill? That was a bad experience that might discourage you from mountain biking again, at least for the foreseeable future. The same is true with starting a business. It failed and now you are more hesitant about taking that risk again.

Scientists, however, found that we can edit those bad memories to remove the negative associations. In fact, this memory therapy is used to treat PTSD sufferers. You can also edit good memories to further propel you towards success.

To weaken bad memories, bring that memory back and then let it get smaller and dimmer, like you’re watching a small black-and-white TV fade out. Once there, insert new details that scramble the memory. For instance, think about the time you bombed while giving a speech or investor pitch. Now just imagine that your audience was dressed in something that made you laugh. Do that five or 10 times and that memory will make you chuckle.

As for strengthening your memories, recall the good memories as bright and loud as possible, like watching a movie in an IMAX theater. Keep adding how that experience made you feel for five or 10 times. You should now feel on-top-of-the-world. Use that to motivate you going forward.

Hacks to rewire your brain for success.

The good news is that you can actually rewire your brain to become more successful. In fact, according to neuroscientist Michael Merzenich, it takes just 30 hours of training based on specific neuroscience techniques to improve your memory and cognition, speech patterns and reading comprehension.

I know. That may sound like a lot. But, that’s just an hour a day for a month to achieve life-long success. I think that’s totally worth it. And, most of this training involves simple daily tasks, like:

• Exercise and meditation. Exercising releases endorphins, which can help with problem solving and boost creativity. Meditation can help you achieve inner calm and break down any mental barriers or limitations.
• Consume a diet rich in omega-3s and healthy fats. These can help keep dopamine levels in your brain active, as well as increase cerebral circulation.
• Precision affirmations. “We’ve all heard of affirmations: repeating positive statements to ourselves in order to believe it,” writes John Assaraf, the CEO of NeuroGym. “While that may sound good in theory, there is often a severe lack of specificity that can hinder results.” Instead, “make a clear, definitive statement about yourself as if it is already true, your subconscious mind takes over and will act in accordance with that belief.” This “will imprint these beliefs into new neural pathways.”
• Say your “Chief Aim” every morning and evening. Based on Napoleon Hill’s Think and Grow Rich, “A definite chief aim is a specific, clearly-defined statement of purpose,” writes Dr. Julie Connor. “It has the power to guide your subconscious mind. It transforms your attitude from pessimism into positive expectation.” Write down your own “chief aim” and say it out loud every morning and evening. When I started my invoice company, I started every day by saying that I would become the best at this. Not quite there but getting there.
• Get plenty of sleep. Make sure that you get between 6 1/2 and 8 hours of quality sleep every night so that you're more attentive and focused.
• 15 minutes a day. Carve out 15 minutes of your day to learn something new or master a skill you already have. It will have a positive impact on your brain.
• Remove yourself from negative and stressful environments. According to Robert Sapolsky, a neuroendocrinology professor at Stanford University, “stress can not only be stopped, but reversed once the source, psychological or physical, is removed or sufficiently reduced.” In other words, the physical environment around us plays a very important role in the health of our brains.
• Visualization. “Visualization is a powerful tool to retrain your subconscious mind, because it allows you to feel and experience a situation which hasn’t happened yet -- as if it were real,” writes Assaraf. In short, “if you are able to genuinely ‘see’ yourself as financially successful in your mind, your subconscious will process that as reality.”

How Youths Of Today Can Build A Financial Fortune With Just $90 A Month

Sidney Pearce doesn’t buy into the hype that Millennials are financial flakes who would rather buy a Venti latte than invest in a retirement fund.

“Yes, some of my friends have credit card debt and they’re not saving a dime, but that’s not me,” says Pearce, a 22-year-old publicist in Phoenix. “I learned the value of investing from my grandfather. He grew up in a time where ‘saving for a rainy day’ was the go-to mantra.”

For his part, Pearce is laser-focused on shoring up his financial future, despite only earning $36,000 a year. He has $3,500 stashed for emergencies, and contributes $90 a month to his company’s 401(k) plan.

Investing less than $100 a month may not sound like much, but Bankrate’s compound interest calculator tells a different story. For instance, if Pearce continues to invest $90 a month in his 401(k) with a 7% rate of return, the money will grow to nearly $280,000 by the time he reaches age 65.

Unlike some of his peers, he’s bucking the trend that younger Millennials tend to steer clear of the stock market.

The reason, according to 46% of Millennials who responded to a 2016 Bankrate Money Pulse survey, is that they don’t have the money.

Still, Pearce is undaunted.

“I’m focusing on paying off all of my bills, including a $15,000 car balance,” he says. For now, investing in an IRA is not financially feasible, “but I have a friend who is a broker and we talk about trends on a regular basis.”

With Pearce making progress on two financial goals, the publicist is eyeing a third —getting hitched in the next year or two.

Pearce and his fiancée, Mira Richey, age 21, want to foot the majority of the bill for their wedding and honeymoon. “Yet, we don’t have the luxury of paying for an expensive wedding and an over-the-top honeymoon,” he says. They're considering getting married by a justice of the peace and hosting a reception, and then honeymooning in Mexico.

It makes sense given his careful budgeting. In 2016, the average cost of a wedding day rose to $35,329 nationally, up from $27,021 in 2011, according to a survey by The Knot .

While her parents are going to pitch in, the plan is to save $10,000 for their nuptials. “I use a free app called “Albert” and it helps me save more and manage my budget,” says Pearce. It connects all the financial accounts, makes real-life suggestions, and tracks every dollar spent. The goal is to emerge from the experience debt-free.

His advice for young investors: “Don’t buy into the ‘party now, save later’ philosophy. Start today.” 

The Expert Advice

Rianka R. Dorsainvil, CFP, president of Your Greatest Contribution, a financial planning firm in Washington, D.C., says Pearce has done quite a bit to start investing in his future. Below are tips for young investors, whether single or a pair, on how to grow and protect your money.

Don’t leave money on the table. Pearce is saving 3% of his salary to his 401(k). If your company offers matching contributions, take them. "Young investors need to understand the power of compounding interest," Dorsainvil says. "People assume it's just a difference of losing 2%-3% in matching funds, but that amount could equal thousands in additional retirement funds," she says. So, contribute up to the match

Invest in disability insurance. A young worker’s most valuable asset is his or her ability to earn income. “Protect your income with disability insurance, which can replace 50% to 60% of your income should you become unable to work for a period of time,” she explains. Many employers offer group disability plans which may be less expensive than an individual plan.

Start a side business. Like many Millennials, Pearce has a good eye as photography enthusiast. "He should do photography as a side gig," Dorsainvil says. "He could create a site on Square Space that costs little to nothing and start snapping photos this summer." There's money to be made that can go toward achieving some of his financial goals, she says.

Have money talks. “Pearce understands his money script and the history of where his money mind-set came from," Dorsainvil says. "I encourage him to have the same conversation with his fiancée." Before marriage, couples should not only have the big picture talk about saving and investing habits, they should also delve into how their money style came to fruition. Failing to talk about money can lead to financial strain and miscommunication.

Create S.M.A.R.T. financial goals. Pearce and his fiancée have to develop S.M.A.R.T. goals that are specific, measurable, achievable, relevant and time bound."First, they need to set a wedding date," says Dorsainvil. "That will tell them how long they have to save and how much they need to set aside each month to accumulate $10,000." Another tip: Every single dollar you earn needs a home, whether you are getting married or saving for a home, she says.